FAQs

NYSC Loan

  • You must be an active NYSC corps member with at least two months remaining before your pass out date
  • Verifiable Bank Verification Number (BVN)
  • Evidence of the payment of your FG allowance into the official NYSC bank account
  • A primary mobile number and email address
  • A verifiable permanent home address
  • Verifiable contact details for a supervisor/manager at your place of primary assignment (PPA) or a guarantor
The application process is simple and can be completed online 24/7 at http://nysc.cashnownow.net We recommend the use of the Chrome or Microsoft Edge browsers.
Fill in the online application form and click the submit button to send. As part of the application process you will be required to upload the following:
  • Copy of your NYSC ID card or posting letter
  • Copy of your bank statement for your official NYSC account to demonstrate the previous deposit of the FG allowance
  • Bank Verification Number (BVN)
The maximum amount you are qualified for is dependent on the remaining months in your service year. See the table below:
Months remaining with NYSC Max loan amount (Naira) Tenure (months) Monthly repayment (Naira)
11 100,000 10 14,500
10 85,000 9 13,825
9 75,000 8 13,563
8 70,000 7 13,857
7 60,000 6 13,567
6 50,000 5 13,250
5 40,000 4 12,925
4 30,000 3 12,633
3 20,000 2 12,450
Please refer to the T&C’s at http://nysc.cashnownow.net/Home/termsconditions
The primary repayment method is through a Remita direct debit. The monthly repayment amount will automatically be debited on the set date. Ensure that your account is funded on the set date of your debit mandate.
Remita is an electronic payment platform that helps individuals and organizations to easily receive and make payments across all banks, from anywhere and at any time. The Remita standing order is an irrevocable standing order enabling the beneficiary to automatically debit the account as specified on the document. To activate a standing order, you will need to sign the document provided and submit at your local bank branch. Activation can take up to 24 hours to be completed.
To apply for a an amount larger than the standard maximum loan amount, you can apply for a separate loan using a bank statement showing a proof of your extra income as paid by your place of primary assignment (PPA). The amount you qualify for will be determined by the amount of allowance from the PPA, tenure of the loan, and any existing loans.
The loan disbursement happens in less than 24 hours after the Remita standing order/direct debit mandate has been activated by the applicant’s bank.
Yes. You will be required to pay the outstanding principal and interest plus 50% of any additional interest we would have earned if the loan was not repaid early.
Early repayment can be done by transferring or depositing the due amount to the Company’s bank account. This will be given to you by the customer care representative of the company on request. It is important to indicate your loan number when you are making payment so that the payment can be credited to your account.
A five (5) day grace period is given for any late payments. After the grace period there is a default fee equal to 2% per month (calculated daily) applied to the outstanding balance. This fee can be automatically deducted from your account by the Company. To make a payment simply ensure your official account is funded and the Remita will automatically debit the account accordingly.
No. The NYSC loan product does not require any collateral
The loan is disbursed by Paelyt Solutions Limited
The maximum tenure you can take the loan for is dependent on your official pass out date as listed on your NYSC ID card.
You can repay by willful transfer to our bank account which will be provided by our Customercare agent or by ensuring your official bank account is funded each month to allow for the ongoing direct debits
Yes. Kindly visit our site at http://nysc.cashnownow.net The site is mobile responsive and should work from Chrome, Edge or Google App.
A guarantor is needed if you are unable to provide contact details including email and phone number for your supervisor or manager at your primary place of assignment (PPA) or if your PPA is not acceptable to us.
Additionally, if you are yet to resume at your PPA then you must provide a guarantor for the loan.
The requirements for the guarantor are as follows:
  • Must be at least 18 years of age
  • Must be a direct blood relative (i.e. father, mother, sibling, aunt or uncle)
  • Must have a bank account with a verifiable bank verification number (BVN)
  • Must be gainfully employed